Payment service PayFast has introduced a recurring billing feature which the company says streamlines subscription payments and offers automation to repetitive business billing processes.
The feature allows merchants to create two methods of recurring payments, one a subscription model and the other an ad hoc model.
The subscription model supports membership or retainer-style business models that provide stable and predictable income. The ad hoc payment solution enables applications such as app payments, single page checkout, or automatic account top ups.
"Customers gain the convenience of uninterrupted service or a single-click checkout whilst merchants secure repeat future payments."
Roslyn Lavery, business development manager at PayFast, says this new feature supports businesses that implement a subscription-type business model.
The feature adds a level of automation for businesses that bill customers regularly or have repeat customers that may want to save payment details to speed up the payment process for future transactions, she adds.
"Recurring billing allows customers to sign up with merchants to receive ongoing service or products on a regular basis. This maintains longer relationships rather than single events."
"Making payment services accessible and reliable is a key driving force at PayFast. With recurring payment solutions being used by more and more businesses, it is a product offering that we simply could not ignore," says Jonathan Smit, founder and MD of PayFast.
Software company BluSynergy says innovative companies like Dropbox, Salesforce, Hubspot and others have disrupted their industries with new models built on recurring revenue - undermining their competition, reaching new customers and markets, and rapidly growing their revenue.
Also, MarketsandMarkets says in the midst of intense competition, enterprises are seeking new revenue models to attract and retain customers, and gain a competitive advantage.
For these reasons many enterprises are adopting recurring models for their business lines and these business models help foster stronger and deeper relationships with customers because they hold the enterprise accountable to their customers during each recurring billing cycle, it adds.
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